The crypto markets have witnessed the much-awaited bullish movement after Bitcoin easily surged over $100K after breaking the consolidated zone below $98,000. With this, the Ethereum price quickly gained momentum and outperformed Bitcoin by attracting nearly 40% gains since the last trading day. With this, the price has broken back into its macro range between $2000 and $3900, which confirms a deviation towards the higher targets if it sustains above the gained threshold. Meanwhile, the history suggests the final retest could be in place which may result in ETH price forming a new ATH.
The Ethereum platform underwent one of the most important upgrades, the Pectra, which addressed the transaction speed and count. Soon after the upgrade went live, the whales who had been accumulating ETH since the start of the year intensified their actions. As per some reports, these institutions accumulated millions worth of ETH, which suggests the next pit stop for the Ethereum price rally is not below $3000. Moreover, Trump’s World Liberty also bought $3.5 million worth of ETH, which substantiates bullish prospects.
Technically, the ETH price has risen above a mega pattern, hinting a 50% rise is imminent, provided the token secures a crucial range.
After the recent breakout, the ETH price has broken above the falling wedge that it was stuck in since it faced rejection from $4000. This breakout after a 5-month consolidation hints towards the beginning of a fresh bullish wave. The On-Balance volume which was maintaining an ascending consolidation, triggered a steep rise that validated the rise in the buying pressure. Meanwhile, the RSI has entered the overbought zone and marked the levels not seen since Q1 2024. This may hint towards a short-term pullback but if the rally holds the crucial support at $2,200, then a rise to $2,800 could be imminent.
The Ethereum price has printed a massive daily candle since the spot ETF approval. Besides, the platform has turned more deflationary after the Pectra upgrade by burning nearly 34,000 ETH in the past 24 hours. However, history seems to have repeated itself, as the Ethereum price bull run was ignited with a 20% single-day rise back in 2021 and hence, the current upswing raises the possibility of a similar rally ahead. If the ETH price repeats the pattern, the new ATH could be above $6000 to $6500.
